Subprime casualties provide feast for canny credit vultures (FT.com)
FT.com - It is a golden rule of finance that whenever a bloodbath occurs, vultures with a sharp eye on cheap assets start circling. So too with the credit world. More »
Judge nixes claims in Fannie Mae suit (AP)
AP - A group of shareholders who opted out of a class-action lawsuit against Fannie Mae saw many of their own claims against the mortgage giant dismissed Tuesday. More »
Treasurys up on subprime worries (AP)
AP - U.S. Treasury bond prices ended on a strong note Tuesday as stocks fell late in the day on renewed concern over subprime woes. More »
American Home may liquidate assets, shares plunge (Reuters)
Reuters - American Home Mortgage Investment Corp said on Tuesday it can no longer fund home loans and may liquidate assets, putting its survival in doubt and sending its shares plummeting 90 percent. More »
AHM woes drag Wall Street (AP)
AP - Shares of American Home Mortgage Investment Corp. plunged 90 percent Tuesday after the company raised fears it may become insolvent, renewing concern about worsening credit quality in the mortgage market and killing a Wall Street rally. More »
Coldwell Banker, OnBoard make social media play
Application aims to tap local knowledge of neighborhoods More »
Homescape shifts listings focus to brokers
Media company previously acquired listings via newspaper network More »
Overnight real estate rates higher
30-year fixed rate at 6.28%; 10-year Treasury yield at 4.74% More »
Home loan apps slide for third week
Survey: Lower interest rates make little impact on market More »
What's selling: Livingston County
Description: Three-bedroom, two-bath colonial with formal dining area, first-floor laundry, finished basement and an attached three-car garage. More »
What's selling: Oakland County
Description: Two-bedroom, one-bath ranch with vinyl exterior, hardwood floors, partially finished basement and a one-car garage. More »
What's selling: Wayne County
Description: Four-bedroom, two-bath brick and wood Cape Cod-style home with central air conditioning, two fireplaces, finished basement and an attached three-car garage. More »
What's selling: Macomb County
Description: Two-bedroom, two-bath ranch with central air conditioning and a finished basement. More »
$216m Business Avenue contract
The local General Construction Company has won a $216m contract to build towers at the Business Avenue project at Jumeirah Lakes, Dubai. Al Mazaya Holding is the developer. Business Avenue comprises three 45-storey commercial towers. Two of the towers are sold; one for $111m to Hilal Al Zarooni Group and Dynasty Enterprises, the other to Baraq Group for $109m. Al Mazaya will let the third tower. The project is due to be completed by the end of 2009. More »
Huta $67m KAEC contract
The local Huta Group has won a $67m deal to build water canals at King Abdullah Economic City on Saudi's Red Sea coast. Emaar, The Economic City is the developer. The contract calls for the construction of 3.5km of canals and supporting walls. The work is due to be completed by late 2008. More »
Palm monorail operator appointed
Nakheel has chosen Singapore's SMRT Engineering to operate a $381m monorail on Palm Jumeirah. A consortium led by Japan's Marubeni Corporation is building the 5.45km-long, fully elevated, double tracked system with four stations. 90% of the track has been laid down. Construction is due to be completed by November 2008 to coincide with the opening of Atlantis, The Palm Jumeirah. More »
DIRC to have $3.81bn projects
Dubai Investments Real Estate Company's chief executive says the firm will have projects worth $3.81bn running by the end of 2007, Khaleej Times reported. Khalid Kalban said the majority will be located in one of the emirates, without naming which one. DIRC, the real estate arm of Dubai Investments, currently has around $1.09bn of projects. More »
Jeddah to get makeover
Jeddah's historical sector will be redeveloped into a tourism and cultural area over the next ten years. Jeddah Municipality has unveiled plans for 14 development projects with finance to come from local and private sources, Arab News reported. The plan calls for a refurbishment of historical buildings and the building of a five-star hotel, museum, traditional coffee shops and restaurants. The size of the investment was not revealed. More »
FTSE falls sharply as credit fears return (FT.com)
FT.com - London equities fell sharply in opening trade on Wednesday, tracking overnight losses on Wall Street and in Asia on returning fears about the implications of the US subprime credit crisis. More »
Asian stocks sink as US home loan woes spread (AFP)
AFP - Asian stocks tumbled Wednesday as the fallout from growing problems in the US mortgage market snagged one of Australia's highest flying banks and stoked concerns over how much the debacle may ulitmately cost. More »
FTSE retreats as credit fears return (FT.com)
FT.com - The FTSE fell sharply on Wednesday after returning fears about the US subprime crisis caused heavy overnight losses in the US. More »
Yen strikes four-month high against dollar (AFP)
AFP - The yen hit a four-month high point against the dollar on Wednesday as growing problems in the US housing market prompted investors to abandon risky positions, dealers said. More »